A crop and livestock producer from Texas today said cap-and-trade climate change legislation could hike the cost of fuel used for farming to the point that it will have a devastating economic impact on his and similar family-owned businesses.

Ideal growing conditions across much of the Corn Belt so far this summer point to the second-largest corn crop ever, which is bringing a bearish tone to the market, according to Terry Francl, senior economist with the American Farm Bureau Federation.

AFBF President Bob Stallman said House-passed climate legislation will have little to no impact on global temperatures. Testifying before a Senate Committee, he said without the adoption of similar actions by other countries, the U.S. "will be embarking on a fool's errand."